Dynegy CEO Watson Resigns, Tilton Assumes Role

May 27, 2002 by Jeff Shepard

Chairman and CEO Chuck Watson of Dynegy Inc. (Houston, TX), who led Dynegy's failed attempt to take over Enron Corp. (Houston, TX), resigned as chairman and chief executive amid an industry-wide scandal over sham energy trades, investigations by federal regulators, and pressure on Dynegy's stock and debt ratings. Glenn Tilton, vice chairman of ChevronTexaco Corp. (San Francisco, CA), took over as interim CEO.